KCC Annual Report and Fourth Quarter 2025 Ending the year positively with strong momentum set for 2026

13 Feb 2026 07:04 CET

Oslo, 13 February 2026: Klaveness Combination Carriers ASA ("KCC") reported
EBITDA of USD 22.6 million and Profit after tax of USD 10.4 million for the
fourth quarter of 2025. For the full year 2025, EBITDA amounted to USD 79.8
million and Profit after tax to USD 33.4 million.

CEO Engebret Dahm commented: "Following a strong close to 2025, we are well
positioned for 2026, backed by record-high bookings of caustic soda solution
cargoes and the delivery of three CABU newbuildings during the first seven
months of the year. With both product tanker and dry bulk markets providing
solid support, KCC is set for a robust start to the year, with TCE guidance
for Q1 at the highest level since Q3 2024."

Highlights for Fourth Quarter 2025:

* EBITDA of USD 22.6 million (Q3 2025: USD 24.0 million) and Profit after tax
of USD 10.4 million (Q3 2025: USD 12.0 million).
* CABU TCE earnings [2] of $31,840/day (Q3 2025: $30,062/day), outperforming
the MR index by approximately 40% [1].
* CLEANBU TCE earnings [2] of $26,851/day (Q3 2025: $27,740/day),
approximately 10% above the LR1 index [1].
* Q4 2025 dividend of USD 0.08 per share, amounting to USD 4.7 million (Q3
2025: USD 0.12 per share).
* Secured a record-high caustic soda solution contract of affreightment
portfolio for 2026.
* Lowest quarterly fleet carbon intensity ever with an EEOI of 5.8, while
full-year 2025 remains off target.

While delivering the strongest quarterly average TCE earnings per day in 2025,
fourth quarter 2025 EBITDA was 6% lower and Profit after tax declined 14%
versus the previous quarter, primarily due to more off-hire related to
dry-dockings and higher OPEX and administrative costs.

For the full year 2025, EBITDA reached USD 79.8 million compared to USD 126.5
million in 2024, while Profit after tax was USD 33.4 million, down from USD
81.4 million in 2024. Return On Equity (ROE)[2] was 9% and Return On Capital
Employed (ROCE)[2] was 7% for 2025. Average TCE earnings[2] of the fleet
decreased approximately $9,100/day/26% in 2025 compared to 2024. Weaker
product tanker and dry bulk markets and higher depreciations had a negative
impact on the financial results when comparing 2025 to 2024, slightly offset
by lower costs and more on-hire days.

Total dividends for 2025, including dividends for Q4 to be distributed in
2026, amount to USD 16.9 million and equal 87% of the adjusted cash flow to
equity (ACFE)[2].

While carbon intensity (EEOI) was 32% lower than that of standard vessels in
the same trades and was down approximately 8% from 2024 to 2025, KCC's EEOI of
6.1 for 2025 fell short of the 5.8 target for the year.

KCC's newbuild program in China continued to progress on time and on budget.
The first vessel, MV Balder, was delivered on 6 February 2026 with the two
sister vessels expected to join the fleet in April and July 2026,
respectively.

The 2026 outlook and the start of the year for the CABU business are strong.
Caustic soda solution contract bookings for 2026 ended around 20% higher
compared to 2025, securing the employment of the full capacity of the growing
CABU fleet in combi-trading to/from Australia. In addition, the 32-month COA
for caustic soda solution to Brazil secures continued employment of the
25-year-old CABU vessel MV Barcarena from March 2026, with a solid earnings
contribution from Q2 2026, considering the vessel's age and COA duration. The
CLEANBUs have also started the year on a positive note supported by a strong
product tanker market and a higher share of CLEANBU capacity trading in tanker
trades in Q1 2026 relative to the last quarters. The CABU fleet TCE guidance
for Q1 2026 is $28,500-29,500/day and the CLEANBU fleet TCE guidance is
$34,500-36,500/day[3].

[1] Standard tonnage for bulk carriers is calculated averages of Panamax and
Kamsarmax earnings weighted by CABU and CLEANBU on-hire days respectively.
Standard tonnage for product tankers is calculated averages of MR and LR1
earnings weighted by CABU and CLEANBU on-hire days respectively. Multiples are
calculated by dividing KCC average TCE earnings on standard tonnage for bulk
carriers and product tankers. Source: Clarksons Securities and Clarksons SIN.

[2] TCE earnings $/day, Return On Equity (ROE), Return On Capital Employed
(ROCE) and Adjusted Cash Flow to Equity (ACFE) are alternative performance
measures (APMs) which are defined and reconciled in the excel sheet
"APM4Q2025" published on the Company's homepage Investor Relations/Reports and
Presentations under the section for the Q4 2025 report. The address to the
Company's homepage is: www.combinationcarriers.com
(https://www.combinationcarriers.com/).

[3] Estimate based on booked cargoes and expected employment for open capacity
basis forward freight pricing (FFA).

Invitation to presentation of Q4 2025 financial results
In connection with the release of financial results for the fourth quarter of
2025, Klaveness Combination Carriers ASA ("KCC") will hold a webcast
presentation at 09:00 CET on Friday 13 February, 2026.

To follow the webcast live go to
https://www.combinationcarriers.com/investor-relations/overview or copy and
paste the following link to your browser:
https://www.combinationcarriers.com/kcc-q4-2025-financial-results.

Questions for the Q&A session can be submitted in writing through the webcast
solution during the presentation.

For further queries, please contact:
Engebret Dahm, CEO
Telephone: +47 957 46 851

Liv Dyrnes, CFO and Deputy CEO
Telephone: +47 976 60 561

About Klaveness Combination Carriers ASA:
KCC is the world leader in combination carriers, owning and operating eight
CABU and eight CLEANBU combination carriers with three CABU vessels under
construction for delivery in 2026. KCC's combination carriers are built for
transportation of both wet and dry bulk cargoes, being operated in trades
where the vessels efficiently combine dry and wet cargoes with minimum
ballast. Through their high utilization and efficiency, the vessels emit up to
40% less CO2 per transported ton compared to standard tanker and dry bulk
vessels in current and targeted combination trading patterns.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication, through the
agency of the contact persons set out above, at 2026-02-13 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

665769_kla-2025-12-31-1-en.zip
665769_KCC Q4 2025 Report.pdf
665769_KCC Annual Report 2025.pdf
665769_KCC Q4 2025 Presentation.pdf